Super League shareholders have approved Metaplanet's proposal to turn the company into a U.S. Bitcoin treasury firm called Superplanet. Metaplanet will contribute 2,100 BTC and cash, and it would own almost 94% of the common stock at closing.
Super League shareholders approved a proposal from Japan-based Metaplanet to establish a U.S. BTC treasury and rename the company Superplanet. Metaplanet will hold more than 93% of the common stock as it invests 2,100 BTC and cash.
Metaplanet CEO announces the approval
Metaplanet CEO Simon Gerovich announced the vote in an X post, calling it a step in the Japanese company's move to become a global Bitcoin-native financial platform. Once the agreement closes, Super League becomes Superplanet, the company's U.S. Bitcoin treasury firm.
The approval comes two months after CoinGape first reported that Metaplanet would invest 2,100 BTC to take a controlling stake in Super League. Gerovich said the move gives Metaplanet direct access to U.S. capital markets and more flexibility in raising capital.
Deal terms and governance
Metaplanet's head of Bitcoin Strategy, Dylan LeClair, said in an X post that at closing the company will contribute 2,100 BTC and $2.5 million cash. In exchange, it will receive 44.86 million common shares, 100 shares of Strategic Alliance Preferred Stock, and common stock warrants representing up to $3.4 billion in potential equity capital.
Metaplanet would then own almost 94% of Superplanet's common stock, and its shares will be subject to a five-year lock-up. LeClair explained that the preferred stock carries no preferred dividend or liquidation preference, and that its purpose is governance. While Metaplanet holds it, the company's consent is required for charter amendments, mergers or changes of control, and designation of a board majority.
Growth plans and stock reaction
Superplanet plans to grow its Bitcoin holdings by issuing senior, non-convertible perpetual preferred stock. With starting holdings of 2,100 bitcoin, it would rank as the 35th-largest Bitcoin treasury firm, according to BitcoinTreasuries data.
Super League shares rose after the announcement. The SLE stock was trading at around $5, up over 9% on the day, according to TradingView data, and it has gained over 61% in the last three months.
Source: CoinGape
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